Interest rate from
11.99% p.a.
Comparison rate from
13.15% p.a.based on $30,000
over 5 years
Upfront fee
$250

Mozo editorial review Westpac Personal Loan

Last updated: 9 September 2020.

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What's hot
  • Have funds within 60 mins of approval
  • Free extra repayments
  • Weekly, fortnightly, monthly repayments
What's not
  • $250 application fee
Mozo snapshot

If you are after an unsecured personal loan where you can see your money fast once approved, the Westpac Personal Loan is worth considering. This loan comes with a range of choices from repayment schedules, borrowing amounts and loan terms. Plus, customers can make free extra repayments whenever they want. You’ll also be pleased to know that you will receive your funds in up to 60 minutes after approval.

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Key features

With the Westpac Personal Loan there are plenty of options. 

Customers can borrow anywhere from $4,000 to $50,000 and receive an 11.99% fixed rate (3.15% comparison rate*). Plus they can opt to take out a loan from 1 to 7 years. 

And when it comes to paying off the loan, there’s even more choice! Customers can make weekly, fortnightly or monthly repayments and make free extra repayments if they want to. However, there is no redraw facility attached to this loan.

There are a few fees to be mindful too, they include: $250 application fee, $12 monthly service fee, $15 late payment fee and a $175 early repayment penalty.

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Who is it good for

The Westpac Personal Loan could be a great option for someone that wants the flexibility to make extra repayments towards the loan but the certainty of a fixed interest rate.

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Any catches

To be eligible for this loan, you must have a regular permanent income of at least $35,000. 


Also bear in mind that this loan is unsecured so you don’t need to put up assets as collateral. However, if you are looking at this loan to buy a car, the Westpac Car Loan may be a better choice.

Details

Rates and fees information correct as at 29 November 2020. Mozo has robust processes to ensure our site is updated to reflect the latest information from providers. There may be the odd occasion where updates are delayed, so please confirm information before purchasing.
Rates
  • Fixed

  • 11.99% p.a. fixed

  • 13.15% p.a.based on $30,000
    over 5 years

Fees
  • $250.00

  • $12.00

  • $15.00

  • $0.00

  • $175

Other financial bits
  • $4,000.00

  • $50,000.00

  • 1 Year

  • 7 Years

  • Unsecured

Features
  • Weekly, Fortnightly, Monthly

  • yes

  • no

  • Eligibility conditions include a regular permanent income of at least $35,000 p.a.

  • Receive a $250 IKEA eGift card for applications made online by 7 December 2020.

WARNING: The Comparison Rate combines the lender's interest rate, fees and charges into a single rate to show the true cost of a personal loan. The comparison rates displayed are calculated based on a loan of $30,000 for a term of 5 years or a loan of $10,000 for a term of 3 years as indicated, based on monthly principal and interest repayments, on a secured basis for secured loans and an unsecured basis for unsecured loans. This comparison rate applies only to the example or examples given. Different amounts and terms will result in different comparison rates. Costs such as redraw fees or early repayment fees, and cost savings such as fee waivers, are not included in the comparison rate but may influence the cost of the loan.

Customer Reviews

How are Westpac personal loans rated by the Mozo community?

Overall
6.9/10
Price
6.2/10
Features
6.0/10
Customer service
7.3/10
Convenience
7.7/10
Trust
7.0/10

Latest reviews of Westpac Personal Loan

  • Overall 10/10
    Supportive and helpful.

    They helped me consolidate my debt into a personal loan so I didn't have to pay a high interest rate on my credit card as they assessed my account and saw I was trying to pay it off but then the interest would hit and it was not going anywhere. So I am very grateful they helped me.

    Read full review

    They helped me consolidate my debt into a personal loan so I didn't have to pay a high interest rate on my credit card as they assessed my account and saw I was trying to pay it off but then the interest would hit and it was not going anywhere. So I am very grateful they helped me.

    Price
    9/10
    Features
    9/10
    Customer service
    10/10
    Convenience
    10/10
    Trust
    10/10
    Less
    Sabah, New South Wales reviewed about 1 month ago
  • Overall 1/10
    Line of credit facility, a rip off product.

    This is a line of credit type loan. I have access to it but don’t use it. The interest rate is terrible and on top of that they charge a $10 a month accounting fee which is of course a de facto interest charge over and above the original one. I have asked them for a better deal and been told they don’t have one. It is a disgusting product whose sole purpose is profit gouging.

    Read full review

    This is a line of credit type loan. I have access to it but don’t use it. The interest rate is terrible and on top of that they charge a $10 a month accounting fee which is of course a de facto interest charge over and above the original one. I have asked them for a better deal and been told they don’t have one. It is a disgusting product whose sole purpose is profit gouging.

    Price
    1/10
    Features
    1/10
    Customer service
    10/10
    Convenience
    8/10
    Trust
    7/10
    Less
    Kevin, Queensland reviewed 3 months ago
  • Overall 2/10
    Do your research

    When trying to find out information after signing the contract it was extremely hard to find someone to help me. It seemed everyone I spoke to told me they would call me back. It took probably five attempts to get someone to help me or provide the correct information. After I closed my account I found out it stayed open despite owing no money on it, now having put two missed payments on my credit score. I am extremely unimpressed. The bank would also not help extending payments when in hardship. I was told I had to wait until the payment was missed before being able to apply for an extension, therefore affecting my credit rating, rather than trying to help their customers.

    Read full review

    When trying to find out information after signing the contract it was extremely hard to find someone to help me. It seemed everyone I spoke to told me they would call me back. It took probably five attempts to get someone to help me or provide the correct information. After I closed my account I found out it stayed open despite owing no money on it, now having put two missed payments on my credit score. I am extremely unimpressed. The bank would also not help extending payments when in hardship. I was told I had to wait until the payment was missed before being able to apply for an extension, therefore affecting my credit rating, rather than trying to help their customers.

    Price
    4/10
    Features
    1/10
    Customer service
    7/10
    Convenience
    1/10
    Trust
    2/10
    Less
    Keirah, Queensland reviewed 4 months ago
  • Overall 5/10
    It's just a bank to use for everyday living.

    It is just a bank. The one thing I don't like about any bank is they don't look out for their own customers. They're big on getting new customers but once you're with them they don't advise you about any new products that may work better for your needs.

    Read full review

    It is just a bank. The one thing I don't like about any bank is they don't look out for their own customers. They're big on getting new customers but once you're with them they don't advise you about any new products that may work better for your needs.

    Price
    5/10
    Features
    5/10
    Customer service
    7/10
    Convenience
    10/10
    Trust
    5/10
    Less
    Deena, Queensland reviewed 4 months ago
  • Overall 9/10
    Started with Westpac, still with Westpac.

    I’ve been with Westpac for nearly 20 years and have never had a problem with them that couldn’t be resolved quickly.

    Read full review

    I’ve been with Westpac for nearly 20 years and have never had a problem with them that couldn’t be resolved quickly.

    Price
    7/10
    Features
    7/10
    Customer service
    8/10
    Convenience
    9/10
    Trust
    9/10
    Less
    John, Victoria reviewed 5 months ago
Westpac

About Westpac

As Australia's first bank, Westpac has been serving customers since 1817. Westpac merged with St.George to create Australia's largest financial services company, and customers can enjoy from peace of mind from having the security offered by a major bank behind them. Check out Westpac's range of banking products such as savings accounts, home loans, personal loans, credit cards and other financial services such as its car and home and contents insurance.

See Westpac personal loans

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6.45% p.a.to 26.99% p.a.based on $30,000
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CUA

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9.64% p.a.based on $30,000
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Plenti

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OurMoneyMarket

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5.85% p.a.based on $30,000
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Wisr

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5.46% p.a.to 19.26% p.a.based on $30,000
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4.67% p.a.

5.22% p.a.based on $30,000
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P&N Bank

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6.81% p.a.

7.80% p.a.based on $30,000
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6.79% p.a.

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3.97% p.a.

4.51% p.a.based on $30,000
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NOW Finance

NOW Finance

Unsecured Personal Loan

6.95% p.a.to 17.95% p.a.

6.95% p.a.to 17.95% p.a.based on $30,000
over 5 years

Alex

Alex

Personal Loan

6.95% p.a.to 19.99% p.a.

6.95% p.a.to 19.99% p.a.based on $30,000
over 5 years

SocietyOne

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Unsecured Personal Loan (Fixed)

6.99% p.a.to 9.49% p.a.

6.99% p.a.to 12.2% p.a.based on $10,000
over 3 years

OurMoneyMarket

OurMoneyMarket

Low Rate Personal Loan

6.75% p.a.to 8.48% p.a.

6.96% p.a.to 8.69% p.a.based on $30,000
over 5 years

Liberty

Liberty

Personal Loan

6.45% p.a.to 26.99% p.a.

6.45% p.a.to 26.99% p.a.based on $30,000
over 5 years

CUA

CUA

Unsecured Personal Loan (Fixed)

9.39% p.a.

9.64% p.a.based on $30,000
over 5 years

Symple Loans

Symple Loans

Personal Loan

5.75% p.a.to 21.99% p.a.

6.47% p.a.to 25.11% p.a.based on $30,000
over 5 years

Wisr

Wisr

Unsecured Personal Loan

7.95% p.a.to 19.45% p.a.

8.22% p.a.to 19.76% p.a.based on $30,000
over 5 years

NOW Finance

NOW Finance

Unsecured Personal Loan

6.95% p.a.to 17.95% p.a.

6.95% p.a.

$0.00

Alex

Alex

Personal Loan

6.95% p.a.to 19.99% p.a.

6.95% p.a.

$0.00

SocietyOne

SocietyOne

Unsecured Personal Loan (Fixed)

6.99% p.a.to 9.49% p.a.

6.99% p.a.

$0.00

OurMoneyMarket

OurMoneyMarket

Low Rate Personal Loan

6.75% p.a.to 8.48% p.a.

6.96% p.a.

$0.00

Liberty

Liberty

Personal Loan

6.45% p.a.to 26.99% p.a.

6.45% p.a.

$0.00

CUA

CUA

Unsecured Personal Loan (Fixed)

9.39% p.a.

9.64% p.a.

$0.00

Symple Loans

Symple Loans

Personal Loan

5.75% p.a.to 21.99% p.a.

6.47% p.a.

$10.00

Wisr

Wisr

Unsecured Personal Loan

7.95% p.a.to 19.45% p.a.

8.22% p.a.

$0.00